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El Paso Electric Company (EE) filed Quarterly Report for the period ended 2011-09-30.
El Paso Electric Co. has a market cap of $1.35 billion; its shares were traded at around $32.19 with a P/E ratio of 12.82 and P/S ratio of 2.3. The dividend yield of El Paso Electric Co. stocks is 2.73%. El Paso Electric Co. had an annual average earning growth of 2.1% over the past 10 years.
This is the annual revenues and earnings per share of EE over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of EE.
Highlight of Business Operations:
Transmission revenues increased for all three periods ended September 30, 2011 compared to the same periods last year due to a settlement agreement with Tucson Electric Power Company involving a transmission dispute that resulted in a one-time adjustment to income of $4.5 million, $4.1 million, and $3.9 million, respectively.Retail non-fuel base revenues increased by $13.6 million or 7.6% for the three months ended September 30, 2011 when compared to the same period last year primarily due to a 3.9% increase in kWh sales to retail customers reflecting hotter summer weather and 1.7% growth in the average number of customers served. During the three months ended September 30, 2011, cooling degree days were over 11% above the same period in 2010 and 27% above the 30-year average. KWh sales to residential customers and small commercial and industrial customers increased 9.8% and 3.9%, respectively, in the third quarter. Sales to other public authorities increased due to increased sales to military bases at higher non-fuel base rates.
For the nine months ended September 30, 2011, retail non-fuel base revenues increased by $31.5 million or 7.5% compared to the same period in 2010 primarily due to a 3.2% increase in kWh sales to retail customers, reflecting hotter summer weather, and 1.5% growth in the average number of customers served. During the nine months ended September 30, 2011, cooling degree days were 15% above the same period in 2010 and 29% above the 30-year average. KWh sales to residential customers and small commercial and industrial customers increased 6.1% and 3.1%, respectively, during the nine months ended September 30, 2011 compared to the same period last year. The increase in retail non-fuel base revenues is also due to the seasonal non-fuel base rates which became effective July 1, 2010 in Texas which are higher in the summer months of May to October and lower in the winter months of November to April. Sales to other public authorities increased due to increased sales to military bases at higher non-
Retail non-fuel base revenues for the twelve months ended September 30, 2011 increased by $36.8 million or 6.9% compared to the same period in 2010 primarily due to (i) higher rates in Texas effective July 1, 2010 and in New Mexico effective January 1, 2010, and (ii) a 3.0% increase in kWh sales to retail customers reflecting hotter summer weather and 1.5% growth in the average number of customers served. During the twelve months ended September 30, 2011, cooling degree days were 15% above the same period in 2010 and 31% above the 30-year average. KWh sales to residential customers and small commercial and industrial customers increased 5.9% and 2.7% during the twelve months ended September 30, 2011 compared to the same period last year. Sales to other public authorities increased due to increased sales to military bases at higher non-fuel base rates.
Capital Resources. During the nine months ended September 30, 2011, we had increased cash from operations when compared to the same period in 2010 which reflects the increase in net income before a non-cash extraordinary gain in 2010. Cash flows were also impacted by an increase in deferred income taxes, offset by the timing of collection of fuel revenues to recover actual fuel expenses in 2011 compared to 2010. During the nine months ended September 30, 2011, we had an under-recovery of fuel costs, net of refunds, of $29.6 million, compared to an under-recovery, net of refunds, of $1.3 million during the nine months ended September 30, 2010. At September 30, 2011, we had a net fuel under-recovery balance of $10.6 million, including an under-recovery balance of $12.2 million in Texas partially offset by an over-recovery balance of $1.6 million in New Mexico.
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